Rights and Responsibilities
Statement of Borrower's Rights and Responsibilities
A loan is a serious obligation. It is important that you understand your rights and responsibilities before you receive a Federal Perkins Loan. Please read the following information carefully. When you sign this statement, you will be indicating your understanding of the conditions of the loan and your willingness to accept your responsibilities as a borrower. The conditions and terms listed below will be of particular interest. You should refer to your copy of the promissory note as you review these items. Your note will be identified as PERK09.The appropriate sections of each note are referenced below. Be sure to keep copies of this statement and your promissory note for future reference.
I have read and understand the following conditions and terms of the loan as stated on the promissory note:
- Principal amount of the loan as stated in the Schedule of Advances;
- Interest rate and periods during which interest will accrue;
- Repayment obligations;
- Prepayment options;
- Definition of default and its consequences, including the addition of collection and litigations costs;
- Forbearance/Deferment rights;
- Cancellation Rights;
- Change of address, name or social security number;
- Late Charges;
- Assignment of the loan to the United States;
I also understand the following requirements of this loan program:
- I must report to the Loan Section any change in my student status, such as withdrawal from school, transfer to another school, reduction of course load to below half-time status or completion of my studies (graduation).
- Before I graduate or withdraw from Fayetteville State University, I must either arrange for an individual exit interview with a representative of the Financial Aid Office or attend one of the loan conferences scheduled to replace the individual exit interview.
- I may contact the Loan Section at any time to request the total cumulative balance owed on my account and any estimates of monthly payment amounts needed to repay that balance.
- I authorize Fayetteville State University to contact any school with I may attend to obtain information concerning my student status, dates of attendance, graduation, withdrawal, transfer to another school or current address.
- I understand that my loan is reported to the Credit Bureau when it is disbursed.
Signature of Borrower
Borrower's Local Address